Crypto Prices Today: Bitcoin and Ethereum Continue To Trade in Red; XRP, Cardano Jumps

What is causing the price dips of Bitcoin and Ethereum?

Crypto Prices Today: Bitcoin and Ethereum Continue To Trade in Red; XRP, Cardano Jumps

The cryptocurrency market remains bearish today with Bitcoin and Ethereum trading in the red. However, altcoins are performing relatively well with XRP and Cardano registering good gains.

Bitcoin and Ethereum

The leading cryptocurrency Bitcoin is trading at $37,810 at the time of writing, down by 2.7% since yesterday. After reaching an all-time high at $42,000 earlier this month, Bitcoin has dropped around 10% since, unable to sustain the momentum gained.

The second-largest cryptocurrency by market cap, Ethereum, is trading down by 5% since yesterday at $1194 at the time of writing. Ethereum also peaked at an all-time high of $1413 earlier this month.

Altcoins Perform Relatively Well

Altcoins are performing relatively well in comparison to Bitcoin and Ethereum with XRP and Cardano faring the best today.

XRP, the third-largest cryptocurrency by market cap, is trading up by 8.47% at $0.323 at the time of writing. XRP has been on a bull run ahead of the scheduled court hearing between the company and the US Securities and Exchange Commission at the end of January.

Cardano, the fifth-largest cryptocurrency by market cap, is trading up by 8.61% at $0.332 at the time of writing. Cardano recently announced that users of its cryptocurrency will be able to purchase gift cards with Ada.

Closing Thoughts

Despite Bitcoin and Ethereum trading in the red today, altcoins are performing well with XRP and Cardano faring the best. Investors will have to keep an eye on the cryptocurrency market as the run-up to the court hearing between XRP and the SEC nears.

Summary:

• Bitcoin and Ethereum trading in the red today
• XRP and Cardano fare the best among altcoins, up by 8.47% and 8.61%, respectively.
• XRP awaiting its court hearing with the SEC at the end of January.

What factors caused Bitcoin and Ethereum to decline over the weekend?

Crypto prices were trading in red today with Bitcoin and Ethereum down. Bitcoin and Ethereum, the world’s top two cryptoassets, declined after back-to-back declines over the weekend. Bitcoin, the world’s largest cryptoasset, declined 4.7% yesterday and is now trading at $51,839. Ethereum, the second-largest cryptoasset, declined 4.4% yesterday and is now trading at $1,910. These two assets, which account for nearly 90% of the entire crypto market capitalization, were both hit hard by the recent sell-off in the crypto market.

However, other cryptoassets were in the green. XRP, the fourth-largest cryptoasset, surged 10.3% yesterday and is now trading at $1.82. Cardano, the sixth-largest cryptoasset, also posted gains of 4.4% yesterday and is now trading at $1.63.

Analysts attribute the surge in XRP and Cardano to the recent news of Ripple Labs resolving its dispute with the U.S. Securities and Exchange Commission (SEC). The SEC has sued Ripple Labs over allegations that it issued unregistered securities. The resolution of the dispute allowed XRP to surge while Cardano was also helped by positive news that its blockchain is rolling out its decentralised identity service.

Overall, the crypto market is still recovering from the recent sell-off and most assets are still trading in the red. Investors and analysts are watching the market closely to get a better understanding of the near-term trend.